How To Save Money Each Month (27 Little Known Ways)
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You’re here right now because you want to know how to save money each month, am I right?
Listen, I know that saving money can be a dreadful process but it really doesn’t have to be. There are simple ways to save money each month!
If you have been reading my posts then you know that I am not a super frugal person and when I first began my personal finance journey I just wanted to do one thing…
Make money! A lot of it.
But…
I began to realize that saving money is so important to a healthy financial life. I’m sure you heard this saying before, “It’s not how much you make, it’s how much you keep”.
So now you know that you should be saving money (even though you already knew this, right?) let’s get into these 27 little-known ways to save some extra money every month!
The 72-Hour Rule
You probably heard of the 72-hour rule before but if you haven’t, it is simply waiting 72 hours before buying that item you want but don’t NEED.
We all been there when we laid our eyes on that piece of clothing, tech gadgets, shoes, etc… and we felt like we wanted it so bad but in reality, it was one of those “in the moment” purchases.
Honestly, this happens way too often and these impulse purchases are big money wasters.
So…
Enter the 72-hour rule, all you have to do is wait 72 hours before purchasing the item. Chances are you won’t want the item anymore and the emotions have passed.
If you do want the item after 72 hours then go ahead but just a little patience can go a long way for your pockets. I love using this tip and it’s a great way to save money!
This ties in great with the next tip on how to save money each month…
Shopping Cart Hack
Even though saving money is awesome, there are still things you need to buy, and then there are things you want to buy, which is perfectly fine.
For things you need, you most likely have to get it immediately but for things you want then you can wait a bit and this can help you save money if you are buying online!
When buying online, leave items in the shopping cart for a while. The website is most likely tracking your visit with cookies and will lower the price over time to get you to purchase the items.
I’ve saved a lot by just being patient. One of my readers used this method and saved $50 by just leaving the items in the shopping cart for a few days!
Pair this up with the 72-hour rule and you will save money each month either way!
Buying Reusable Objects
A great way to save money each month is to cut down on waste and focus on buying re-usable items!
Items such as this awesome reusable water bottle from Amazon will help you to save money by cutting down on bottled water costs.
You should also invest in other reusable items like this pitcher, cloth towels, food containers, etc…
By simply investing in reusable items you will begin to save money every month!
Spend Normally
I know many people who buy items just because they got that email with a coupon for an item that they never thought about before the email came.
You shouldn’t buy something you normally wouldn’t buy just because you have a coupon for it.
Don’t waste money on items you don’t need or want just because you have a coupon. It’s one of the easiest little ways to save money!
Smart Food Shopping
An awesome tip to save money that is not really used a lot is to look at the price/oz when shopping for groceries instead of looking at the total price.
This really simple trick will help you to compare items and figure out which one is the better deal, thus saving you money!
Next time you are grocery shopping use this trick to save money each month.
Learn To DIY
I’m sure you know this, labor costs are super expensive! There are certain repairs or maintenance work that you can do yourself to save a ton of money.
So…
If there are certain repairs or maintenance work that pop up frequently then it might be in your best interest to purchase the tools needed and learn how to do these tasks yourself.
This tip can save you money each month, especially if you own a house or car.
Purchase In Hours
A great tip to save money each month and really every day is to purchase items in terms of working hours instead of price.
For example, let’s say you make $20 bucks an hour and you want to purchase a $50 shirt. Ask yourself if the shirt is worth 2.5 hours of your time.
It may or may not but most people will find that the shirt is not worth it anymore. When you use time instead of money, it shows you how much of your life energy you are trading for this item.
I wrote about this more in-depth in another post here, I highly recommend checking it out.
This is one of those little ways to save money that can have a big impact on your life!
Eat Before Shopping
A great and simple tip to save money is to eat before you go grocery shopping. This simple tip will help you to curb those impulse purchases, which can add up pretty quickly.
So, don’t go shopping on an empty stomach, it can end up costing you! It’s such an easy tip that you can implement to save money!
Skip Drinks
Even though you are on your money-saving journey, you still have to live your life right?
Of course, and this means going out to eat a delicious meal at a restaurant.
Nothing is wrong with this, but…
Some people think they need to order a drink when they are at a restaurant, whether it’s a soda or alcoholic drink, they think that water is not even an option.
This is just silly, it is perfectly fine to stick with water at a restaurant and save your money. Now, of course, you will want to order a drink at times and go for it but just know that you can skip the drinks and just have water.
Plus, it’s healthier too!
Check Your Cash Flow
Now, this is not a direct money-saving tip but by checking how and where you spend your money, you will get many ideas for where you should be cut your spending and you’ll get ideas on how to save money each month.
If you haven’t done so already, set up your login for online banking and check your statements regularly. You will see how much you are spending on unnecessary purchases.
Also, I recommend using Mint, which will link all your bank accounts and make it easy to review your spending. Mint also allows you to set a budget and become a saving guru!
By checking where you spend your money you will find little ways to save money that can add up big time!
Roundup
An awesome feature that your bank might have but you are most likely not using is the “roundup” feature.
The roundup feature is when your bank rounds up your purchases to the nearest dollar and deposits the difference into your savings account!
This is a really great feature that banks have started offering, you will automatically save money without even realizing it. Now, of course, you should save more money on top of this but it’s a great start!
So, check with your bank to see if they offer the roundup feature and implement it right away to save money easily.
Meal Prep
This is one of the most told ways to save money but it’s also one of the most effective methods to save money each month, simply cook your meals at home!
Of course, you can still enjoy a meal out here and there but focus on cooking the majority of your meals. You don’t realize how quick it adds up, even if you just bring your lunch to work every day it makes a huge difference.
I highly recommend checking out this in-depth guide on how to meal prep for beginners, you won’t want to miss out on this guide!
Financial Smoker Method
This is a really interesting method to save money that I’m sure you never thought of. I’m not telling you to start smoking but consider living your financial life as a smoker.
This means that every week you should transfer the price of one pack of cigarettes to your savings account. The idea behind this method is if people who earn less or around the same as you can afford to smoke, so can you.
If you do smoke then focus on quitting ASAP, aside from the money you are wasting on cigarettes, smoking can have detrimental impacts on your health and by the time this happens, it’s too late.
Once you quit smoking, use the financial smoker method to save some sweet cash!
Head To The Library
A really simple way to save money each month is to head to the library when you want some time out of the house!
Get a library card and enjoy all that your library has to offer and no it’s not just books. Libraries also have movies, computer access, music, and certain educational workshops.
Libraries are underutilized and you should definitely check them out!
Cut Internet Cost
Another simple way to save money is to purchase your own modem to use.
You are most likely renting a modem from your internet provider and they usually charge around $10 – $12 a month to rent the modem. It may not seem like a lot so you keep renting, years pass and you are out of a few hundred dollars or no reason!
It is a much better idea to purchase your own modem, here is a really great Netgear Modem from Amazon for $60. Yes, it’s an upfront cost but this modem will pay for itself in under a year!
All you have to do is plug it up and call your internet service provider to activate it. Now transfer that money you were spending to rent the modem into your savings.
The 1-on-1 Method
The 1-on-1 method is a super simple and easy method that will force you to save money each month!
So what is it?
Well, all you need to do is save $1 a day every day. Yup, that’s it! If you follow through with this method (which you will, right?) you will save $365 a year easily without any deprivation you think comes with saving money!
Before you say it, of course, the 1-on-1 method isn’t going to make you rich. This method is used as a started method or as an addition to other saving methods.
If you are doing the 1-on-1 method for a few months and you feel like you can increase the amount go right ahead! Try doing 2-on-1 or 3-on-1, you can always decrease the amount if it’s getting too difficult.
Go ahead and implement the 1-on-1 method today! it’s so simple and easy to do!
Grow Your Food
I’m not telling you to get a farm and start raising chickens and planting acres of crops. No, I’m just saying that if you have some land then you should consider growing some of your own food.
If you have some land then you can most likely plan certain fruits, vegetables, and spices to cook with. Now, of course, you can’t grow everything but you can grow some and save some money!
On the plus side, you will get some organic fruits and vegetables.
Store Branded Items
We are constantly marketed to with branded products that we are told are the best of the best.
But…
This is not true, I won’t say all of the time because certain branded products are much better than the store brand but not all.
So, for certain items, you should consider getting the store-branded version and save your money!
Skip The Cheap Stuff
Now here is something that you probably haven’t thought of while saving money. I mean, if you want to save money then you should go with the cheapest option, right?
Nope, for most items, the middle-priced option is the better value. Sure you can buy the cheap one but it won’t last as long as the higher-priced one but don’t go for the most expensive option because that one is most likely not worth the money.
The middle-priced option is usually the sweet spot for most items but definitely check reviews for every item before you buy them.
Buy Secondhand
The thing about clothes, furniture, cars, etc… is that they lose value fast! (most of the time) I mean, as soon as you purchase a new item and walk out with it, the value drops.
One way to get past this is to simply buy secondhand items. Now, I know this is not going to work for everything you need to buy but for certain clothing, furniture, and especially cars, you should consider getting secondhand.
Check consignment stores for gently used items for a great price!
Pay Yourself
You have most likely heard the saying “pay yourself first” everywhere in the personal finance world but it’s one of the best tips you can ever hear.
It’s such a simple way to save money each month. All you have to do is set up an automatic transfer from your checking account to your savings account when you get paid.
You can also find if your job can split your direct deposit between your checking and savings account.
Extra Mortgage Payment
Now this is a great way to save money but it’s a bit of a controversial topic and I will get to why…
So, making one extra payment to your mortgage per year will help you to reduce the principle thus making it faster to pay off your mortgage because most of your mortgage payments are going to interest first and barely putting a dent to your principle.
By making the extra payment a year, you will hit the principle harder reducing the interest you are paying this saving you money!
But…
There are the math lovers out there who say this isn’t a mathematically smart move. They say if you invest all your extra money in the stock market instead of making extra mortgage payments you will end up with more money in the long run.
With an average stock market return of around 10%, they are right. You will make more money in the long run if you invest but you won’t be debt-free as fast as you could have.
Listen, math is math. The numbers check out but it all depends on what you want. For some people, being debt-free is the ultimate goal and for others, having a huge net worth is the ultimate goal.
So, figure out what you want in your personal finance journey and decide if this tip is right for you.
Live Minimally
A great way to save money each month and really for the rest of your life is to live minimally.
Now, being a “minimalist” gets a bad rep from some people. They think that if you are a minimalist then you are depriving yourself.
This is not true at all! A good definition of minimalism is getting exactly what you need to live a happy life without clutter or deprivation.
Minimalism is simply that sweet spot in life where you have just what you need to live a fulfilled life.
How does this save you money?
Well, you aren’t spending money on unnecessary items that don’t make you happy. Consider practicing minimalism to live a happier life and save money doing so!
Act Broke
This might sound funny but it is a really effective method to save money each month! It is to simply act broke, well not completely broke, but broker than you are.
By simply acting like you have less money than you really do, you will save money!
The idea behind this is that just because you can afford it doesn’t mean you should do it or get it.
There is no shame in saving money!
Multiple Buckets
A great way to save money is to use multiple bank accounts and spread your money out amongst these accounts.
For example, you should have your primary checking account for bills, your emergency fund, your savings account, your fun account, etc…
By using multiple bank accounts or “multiple buckets” you will learn to set a budget for different spending and saving accounts.
This is one of those little ways to save money that’s so easy to do!
Defective Clothes
A great way to save some extra money every month on shopping is to buy defective clothes. No, these clothes aren’t “defective” in the way you are thinking. These defective pants don’t have an extra leg nor do the shirts have an extra sleeve.
These “defective” clothes have slight defects in them, almost unnoticeable and you can get these clothes for a discounted price!
Stores like Marshalls pick up these clothes and sell them at discounted prices. It’s definitely worth checking out!
Extra Paychecks
Most of us are paid bi-weekly, so every year you will get two “extra” paychecks. I wish it was more money but it’s just how the pay period falls which makes it seem like extra money.
The great thing about this is that you are used to living off your two paychecks a month so when you get this “extra” paycheck there is most likely no need to spend it.
Use these paychecks to pay off debt, build up your emergency fund, put toward savings, or invest!
Bonuses
Here are a few other ways to save money, and while these might not be “little-known methods” they are still a great way to save money easily!
These are simple ways to save money each month…
Ibotta
If you hate spending all your money on food then you need to check out Ibotta.
Ibotta is a cash-back app that will give you cash back for shopping at grocery stores. Yup, that’s it!
They partner with 100’s of brands and they have cashback offers on $1,000’s of items!
You can get cash back for in-store and online shopping with ibotta and you can sign up for a free account right now.
I highly recommend using this free app to save $100’s on food easily!
Dosh
Another awesome cash-back app that I highly recommend using to save money is Dosh.
Dosh is a cashback app that will give you cashback on pretty much anything such as food, clothes, tech, accessories, etc…
Plus, what makes Dosh so awesome is that you will save money automatically! All you need to do is link the credit\debit cards you shop with and if the store is partnered with Dosh then you will get cash back!
It’s that easy!
If you want to save money automatically then you need to use Dosh! It’s totally free, so why not?!
Gabi
Some of the biggest expenses we all have are insurance plans! They take money from you but it’s really important to have, so what can you do?
This is where Gabi steps in.
Gabi is a free service that you can use to compare many different auto and home insurance plans to find the best plan for you at the lowest cost!
It will only take a few clicks to save money with Gabi so I highly recommend checking it out.
Those who use Gabi save $961 a year on average all from using this free tool!
If you are ready to save money easily then check out Gabi and get your free quote now!
Rocket Money
There are times when money comes out of our bank account and we don’t even realize it!
If you are looking for an easy way to cut costs then you need to check out Rocket Money.
Rocket Money is an app that will analyze your spending and show you exactly what you are spending on and allows you to cancel unwanted subscriptions with a few clicks!
For example, let’s say you are paying for a Netflix subscription that you don’t really use. You will see this subscription in Rocket Money and you cancel it with a few clicks to save money easily.
Along with canceling subscriptions, Rocket Money also negotiates lower bills for you saving you $100’s on bills on things such as internet plans and cellphone plans.
They do take a cut of the money for providing this service but it’s money you wouldn’t have saved without them so I think that’s fair.
Rocket Money is a free app but they do have paid plans if you want some extra features.
I highly recommend checking out Rocket Money to save money easily!
Conclusion
These are 27 little-known ways to save money each month!
Whew! Those were some pretty awesome tips, right? These tips will definitely help you save some extra cash every month!
I know that you are not going to use all of these tips to save money but you should definitely implement some of these tips in your life.
My personal favorites are the 1-on-1 method, the financial smoker method, and the purchase in hours method.
But, that’s just my opinion. All of these tips have helped many people save money and they will definitely help you as well!
I recommend checking out my post on 41 Things To Stop Buying To Save Money and Tired Of Being Poor? Here’s What To Do! some of these things might surprise you!
Also, as I said earlier, there is no shame in saving money so please share this with a friend, and let’s spread financial literacy.
Do you have any other money-saving tips or methods to add? Any other ways on how to save money each month? Let me know in the comments below.
These tips look very well thought by an expert. I’ll definitely gonna try them.
That’s great Nina, thanks for reading!